Lot 133: Colonial Currency, MD. June 28 1780, $8. Fully Signed + Issued Gem UNC
Historic Autographs, Civil War Encased Postage Stamps, Colonial, Revolutionary War, Federal Era, Coins, Currency, Medals
December 10, 2016
Rancho Santa Fe, CA, USALive Auction
Gem UNC June 28, 1780 Maryland "Guaranteed" Issue
State of Maryland. June 28, 1780. Eight Dollars. "Guaranteed" by the United States Issue. Fully Signed. Gem Crisp Uncirculated.
Fr. MD-121. Bold and beautiful. This scarce Fully Signed & Issued Revolutionary War note as only 6,922 of these "Guaranteed" by the United States Continental Congress authorized Issue red and black notes were printed. All were to have been returned back in to the Maryland State Treasury by December 1786. They each carry a 5% Annual Interest for accepting them as "Paper" money in commerce! An interest payment schedule is printed on the lower left of the face. This bright, fresh, vivid clean note is Fully Signed upon both its face and the reverse side "Guarantee" line. Some current historians believe that the U.S. Treasury and government have never officially recinded and cancelled the accuring 5% Interest since they were first issued in 1780 and are obligated to pay! A gorgeous Gem specimen.
The Colonial Currency printing production method in 1780 for any note of two or more colors meant extra work for the printer. Each sheet had to be placed onto the printing press twice, one time to print the red text and a second pass to add the black.
Each time a color was printed, the paper sheet had to be hung up to dry for a day and then laid back down, hopefully in the same exact place as proper alignment was critical, to add the second color. Obviously, this was a far more timely procedure that added extra work and cost. That is a major reason we see so few Colonial issues that are multicolor.